Our verdict

Save thousands of dollars on your home loan just for doing your banking with an AMP Offset Deposit Account.

This account works as a standard everyday transaction account, but the money in the account will also offset your home loan repayments with AMP. This means that, when calculating how much interest you owe on your AMP home loan, AMP will first deduct your Offset Deposit account balance. This could potentially save you thousands over the life of your loan.

This account could be suited to you if you’ve got an existing home loan with AMP, if you’re thinking about getting a home loan with AMP or if you’re switching an existing loan with another provider over to AMP.

If you don’t have a home loan with AMP, note that there is a $6 monthly account fee on this account. So if you’re just looking for a standard transaction account that’s not used as an offset account, you’ll likely be better off with the AMP Access Account instead as this account has no monthly fee.

Pros

No minimum account opening balance
Full access to online banking, mobile banking and phone banking
Unlimited fee-free ATM transfers

Cons

Need to hold an AMP home loan to be eligible

If you have a home loan through AMP you have the opportunity to shave years off of the life of your loan. The Offset Deposit Account is a convenient transaction account that links to your home loan and each time the balance of your loan has its interest applied, it is first reduced by the amount of cash in your account. Over the course of your home loan terms, this could lead to a tremendous savings.

Details

Key details

Product Name	AMP Offset Deposit Account
Monthly account fee	$6
Card access	Visa
Own network ATM fee	$0
International ATM Fee	International ATM fee $4.50
International transaction fee	2.5%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay, Samsung Pay

Eligibility

Minimum Age	18
Joint account availability	No
Minimum opening deposit	N/A

Key features

Availability

Most variable rate home loans with AMP are eligible to be linked to an Offset Deposit Account. Those excluded from this are the; construction and land loans, AMP Essential Home Loan, all lines of credit and all fixed rate home loans. You may request an Offset Deposit Account on a fixed rate home loan after the fixed rate period has ended.

Monthly service fee

There is a $6 fee payable from the account when it is linked to Basic Variable Rate home loan.

Amount of offset

This is a 100% offset account, where the entire amount of your balance is deducted from what you owe on the home loan before interest is calculated.

Accessibility

Your account can be accessed through phone, internet and mobile banking with AMP for electronic transfers and payments. For cash withdrawals and purchases you are issued a Visa debit card linked to the account, along with a chequebook and BPAY for making your payments. Other transactions can also be made at participating Bank@Post offices.

Visa debit card

The linked Visa debit card allows you to make purchases wherever Visa is accepted, as well as over the phone and online. You are also able to use it for unlimited free cash withdrawals and enquiries at all rediATMs in Australia. Fees may be applied when using an ATM outside of this network.

Currency conversion

2.5% of the transaction amount will be charged to your account each time you make a transaction in a foreign currency.

International point of sale transactions

Your account is charged $1.50 for each purchase made at an overseas EFTPOS.

International cash withdrawal

When you use your Visa debit card at an ATM outside of Australia you will be charged $4.50 per transaction.

Our expert says

"My wife and I's first home loan was with AMP and we found the offset account extremely useful for minimising interest paid throughout the lifespan of the loan. It also enabled us to have easy redraw if there was some kind of financial emergency - fortunately not something we really had to deal with!"

Tom Goodwin

Editor

How to apply

Eligibility

You are given two choices for applying for the Offset Deposit Account, you can either download the application form or you can visit AMP website and begin your application online. This should only take about 10 minutes, but before starting you should check to see if you are able to meet the eligibility requirements:

Minimum age. You must be at least 18 years of age to be eligible for this account.
Residency requirements. You have to be an Australian resident and/or be available to be identified in Australia when the account is opened.

Depository requirements. While AMP makes no demand for a minimum opening balance, you should remember that the higher your balance is, the more money that will be deducted from your loan balance.

Documentation needed

As you are filling in your online application it will also be helpful to have the following documentation readily available:

Tax file number. For interest earning accounts, providing your tax file number (TFN) or TFN exemption code enables AMP to apply the correct withholding tax rate to your interest earnings.
Identification. AMP will need to be able to verify your identity with information found on your passport or driver's licence. If not, you may need to complete this step at a participating Bank@Post.
Loan number. The home loan number to which this account will be linked to will also be required.

What happens after I submit my application?

If you need additional forms in order to verify your identity, these will be posted to you within three business days. Once AMP has received identity details your account will be opened in two business days and your linked Visa debit card mailed to your home address.

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AMP Offset Deposit Account

Pros

Cons

Key features

Availability

Monthly service fee

Amount of offset

Accessibility

Visa debit card

Currency conversion

International point of sale transactions

International cash withdrawal

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other transaction accounts

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